Iran facing worst economic CRISIS country has ever seen after Trump sanctions

Tuesday, 07 August, 2018

Since the August 6 date has been known for months, it's likely much of the market reaction to the sanctions is already factored in to Iran's currency pricing.

"The president has always said he is prepared to talk, but it's important that Iran has to be committed to changing its ways in order for those discussions to prove of any value", he added.

Hemmati said the government's decision in April to enforce a single exchange rate to the dollar had caused "serious problems" for the country.

Or as Secretary of State Mike Pompeo put it Sunday, the prospect of sanctions relief would "require enormous change" from Iran's leadership. "Trump should go back several steps, at least to the pre-Trump-era, to protect the interests of the U.S., Iran and the world".

It will be an additional 90 days before the rest of the sanctions "snap back" into place in early November.

The White House says that overnight, it will reinstitute regulations that, among other things, prohibit the Iranian government's use of US dollars and erect barriers to trade with Iran involving aluminum and steel, the Iranian automotive and airline industries, and gold and other precious minerals.

"Bringing foreign currencies and raw gold into the country, according to the Central Bank laws, is legal and exempt from value-added tax and legal duties", Abdolnasser Hemmati, the head of the Central Bank of Iran, was quoted in the official Islamic Republic News Agency as saying.

Iran acquired five new commercial aircraft on Sunday, a day before the US begins restoring sanctions that had been lifted under the 2015 nuclear accord with world powers.

A man takes a glance at a newspaper with a picture of United States president Donald Trump on the front page, in the capital Tehran on July 31, 2018.

Any trade in metal between the USA and Iran will be halted, while the import of Iranian-made cars will also be banned.

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President Donald Trump threatened "severe consequences" for those who continue to trade with Iran, as administration officials said Monday that newly re-imposed United States sanctions are meant to change the regime's behavior, not topple leaders in Tehran.

But Trump repeatedly denounced the deal as ineffective in hampering Iran's nuclear weapons' ambitions and insufficient in containing Iran's aggressive foreign policy in the Middle East.

Iran "has treated its people very poorly, and that's led to terror".

"In anticipation of the sanctions, a lot of Iranian business people have transferred their assets and capital overseas, so that's why the economic situation has already been deteriorating".

Rouhani expressed concern that Trump has backed out of previous dialogue and negotiations with Iran.

China, Russia, Germany, France, Britain, and the European Union are still party to the Iran nuclear deal. "In the past, Iran's main response was to redouble efforts in the nuclear domain" as a response to USA pressure, but now with the Iran deal in place, that option is out.

He alluded to Trump's suggestion last week of the potential for future negotiations with Tehran, a notion that senior Iranian officials quickly rejected.

Last night the United States dismissed the EU's move. Foreign companies with operations in both Iran and the U.S., such as the oil giant Total, could also be held liable if they choose to stay in Iran. They have also continued to develop their missile systems, including long-range weapons that put Israel and USA interests at risk.

Trump warned on Monday of "severe consequences" for people or entities that fail to wind down economic activities with Iran.

Still, Europe's top diplomats vowed on Monday to work together to preserve the 2015 deal. European foreign ministers said Monday they "deeply regret" the reimposition of USA sanctions.

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